REG - Centrica PLC - Trading Update

CentricaAnnouncement

10/05/2022 07:00

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RNS Number : 8603K  Centrica PLC  10 May 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

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RELEVANT LAWS OF SUCH JURISDICTION

10 May 2022

Centrica plc

Trading Update

Centrica plc (the "Company") has delivered strong operational performance
in the first four months of 2022 and currently expects full year adjusted
earnings per share to be around the top of the range of more recent analyst
expectations(1).

In British Gas Services & Solutions we have seen some supply chain
disruption and higher inflation impacting both the cost base and customer
demand. We expect those headwinds to continue to, at least partially, offset
underlying operational progress for the duration of this period of higher
inflation.  However, volumes from our nuclear and gas production assets in
the UK have been strong and our Energy Marketing & Trading business has
both secured increased volumes of gas and renewable energy to improve the UK
and Europe's security of supply and managed increased commodity price
volatility well, supporting performance in British Gas Energy.

Significant uncertainties remain over the balance of the year, including
the impacts of weather, commodity prices movements, asset performance and the
potential for increased bad debt charges given the current inflationary
pressures in the UK.

We are investing over £50m in supporting our customers with 500 additional UK
based customer service roles in British Gas Energy, 1,000 new UK engineering
apprenticeships, and the British Gas Energy Support Fund which provides grants
of up to £750 to help customers pay their energy bills.

The disposal of Spirit Energy Norway is on track to complete in the second
quarter of 2022 subject to Norwegian regulatory approvals. We have now started
to evaluate longer term options for repurposing Spirit Energy's retained UK
assets to aid the energy transition and also continue to progress options to
convert our Rough and Easington facilities to enable the UK's hydrogen
targets.

The Company's 2022 Interim Results are scheduled for 28 July 2022, at which
time the Company also intends to provide an update on its business priorities
and financial framework.

The person responsible for arranging the release of this announcement on
behalf of the Company is Raj Roy, the Company Secretary.

ENDS

Enquiries:

Investors and Analysts:                      tel +44 (0)1753 494900
                  email: ir@centrica.com

Media:
tel: +44 (0)1784 843000                  email:
media@centrica.com

 

Notes:

1.    As at 9 May 2022, the range of 2022 adjusted earnings per share from
8 sell side analyst forecasts published since Centrica's 2021 Preliminary
Results announcement on 24 February 2022 is 6.7p to 10.8p.

 

Centrica plc is listed on the London Stock Exchange (CNA)

Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654

Legal Entity Identifier number: E26EDV109X6EEPBKVH76

ISIN number: GB00B033F229

 

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